My memories of family vacations are full of cookouts, game nights, watching movies, and catching up on a patio. Every time my family has gone on vacation together we’ve rented a home instead of staying at a hotel. We do this for multiple reasons:
1. Less eating out
Making reservations for 9 people can be a daunting thing to do every night. It’s much cheaper to grill at home, enjoy a taco night, and bond while making a big pancake breakfast together.
2. Better atmosphere
Unless you have a nice lobby in the hotel it can be hard to gather everyone in the same room to hangout. Renting a home lets us hang out in an actual living room or wind down on the patio with a glass of wine.
3. Cost per person
My family rented a home for 5 days while in Nashville for my sister’s wedding and it cost $350 per night. That would be a lot for a hotel but when you are only charged per night and not per person the cost went down to less than $40 per night per person! We just brought a couple air mattresses and were set! We even had the rehearsal dinner at the home since there was plenty of room to mingle and enjoy a meal.
4. More entertainment
Homes we’ve stayed at are usually stocked with board games and a TV. This allows for fun game nights and movie nights without having to spend a lot per person.
Game Day Housing
Many folks, including Derek and myself, are seeking to make passive income down the road through real estate. We currently own a condo and plan to rent it out down the road once we outgrow it and move on to an actual house. In the meantime, however, we only own the condo which means we aren’t making any money from it. I’ve only thought of using our condo for long-term rental agreements but I learned of an interesting income opportunity for short-term renting through Gameday Housing.
The concept is that you rent out your home for football game day weekends and other big occasions like graduation commencement ceremonies. It’s a short-term home away from home! I’ve only thought of home rentals like our family vacations but Gameday Housing is a unique way to make money without a big time commitment or the need to own a second home for renting out.
My parents live 40 minutes away and love when we visit; even more so now that they have an adorable granddaughter to entertain them. We could easily rent our home and stay at my parents for the weekend. We live in a Big Ten college town so we took a gander to see what homes in our area were being rented out for and we found that we could make up to $1,200 on weekends of big games! We live close enough to campus that people can take a shuttle and avoid the crazy parking fees.
As I contemplated this opportunity, a few drawbacks came to mind with renting the home we actually live in:
Agreement documents– Who pays for what if something is broken? Thankfully Gameday Housing helps with stuff I don’t want to deal with like the legal details, credit card payments, and guest contracts. It’s also recommended to have landlord insurance.
Amenities– what do we let them use? I’d want to buy a set of towels and sheets just for renters. Do we let them use our dishes? Will I need to empty our fridge or let them use what’s in there? Will we let them use our washer/dryer?
Nosy people– There’s always that person who can’t help but peek in the medicine cabinet. Who knows if someone will be getting ready to head to the game and they decide to splash on some of my perfume? Or even wear my clothes?! You never know…
Theft– I can’t possibly keep tabs on every item in our home.
Baby room– we don’t have a bed in Nora’s room so either we’d suggest they bring an air mattress or buy one for this purpose. It wouldn’t be a bad idea to get one if we ever have guests stay with us anyway.
Home for rent
I think we will give it a shot and seek to draw in families rather than a group of college buddies looking for a crazy night. If all goes well this could be a great money-making opportunity with just a little effort!
Would you rent your home out for a weekend?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.